7RCC Files Application to Launch a Bitcoin ETF
7RCC, a cryptocurrency asset manager, has requested approval to launch a spot Bitcoin exchange-traded fund, joining a long list of major asset managers applying to the US Securities and Exchange Commission for the same.
In their Monday S-1 filing, 7RCC revealed a proposed preliminary prospectus, stating that the fund’s investment strategy is to hold a combination of Bitcoin and financial instruments in order to gain exposure to Carbon Credit Futures.
“The Fund’s objective is to mirror the daily fluctuations in Bitcoin’s price and the value of Carbon Credit Futures, as represented by the Vinter Bitcoin BTC +4.93% Carbon Credits Index,” the company explained.
“The Index is designed to track the performance of a portfolio consisting of 80% Bitcoin and 20% Carbon Credit Futures.”
7RCC, known for their focus on environmental, social, and governance investing, also stated in the filing that they plan on appointing Gemini as the custodian of the fund’s Bitcoin.
